Law firm layoffs — a momentary blip or more?
I read in IPLaw 360 that Sutherland Asbill recently laid off approximately 15 associates. According to the article, several other firms have done the same, including Dechert LLP, Cadwalader and Clifford Chance. Thankfully the layoffs have been relatively small, but the trend does seem to have some traction. Jenner & Block even laid off or demoted equity partners! I see that the NYSE climbed above 13,000 yesterday, but I think another drop is coming. I don’t believe the subprime mess is over. Fortunately our esteemed economists at the various Federal Reserve Banks around the country are coming to the same conclusion. So fellow watercoolerites, what’s your crystal ball saying about your regional legal market. Thumbs up, down or wavering? In my local market it’s a little bit of everything. Being solely focused on intellectual property, our work has been stable to growing, but I know from conversations with colleagues at other firms that not all are fairing as well — with real estate and finance groups (as expected) bearing the brunt of the slow down.